2Wall Street Journal Rpt.
significantly in july. exports climbed to the highest point in two years. with summer behind us and midterm elections ahead of us, president obama hit the road this week to sell the administration's renewed focus on the economy. i spoke with treasury secretary timothy geithner about the plans the president announced this week to spur business innovation. >> i think they can make a very powerful impact. the first order of business is for congress to come and pass this set of very important tax breaks for small businesses. so they can start to hire people back again. once again, be the engine of job creation in this country. second thing, congress can extend the tax cuts that go to middle-class americans so they know today their taxes are not going to go up. those two things themselves are the most important things he can do right now. as you highlighted, you heard from the president today we want to work with congress to put in place a set of additional incentives to encourage investment not just in research and development in the united states but here today and start to rebuild ame
to talk more. bill so, good to have you on the program. thanks for joining us. >> thank you, maria. >> so it's been two years since the collapse of lehman brothers. you and your pimco team say we've entered a new normal. diminished expectations and growth. tell us what that new normal may look like. >> well, it looks like a slow growth environment with high unemployment in the united states. and it looks like a global economy in which developing economies such as china and brazil do much better than developed countries such as the united states and england and those countries in euroland. so there is a distinction to be drawn going forward not only in terms of the slower growth for developed countries, but for the orientation towards higher growth in developing markets. >> so how do you invest based on that? >> well, i think you invest for growth. that's always been the key to investing, not only from the equity standpoint, but from the long standpoint. so you look towards those countries with relatively high real interest rates on the bond side that would be countries like brazil
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